The rate percent of compound interest on Rs.10,000 amounts to become Rs.13,310 in 3 years is :

  1. 13%
  2. 11%
  3. 12%
  4. 10%
Anurag Mishra Professor Asked on 27th December 2015 in Maths.
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  • 1 Answer(s)

    Answer:  (4) 10%  

    Explanation:-
    Given-
    Principal = Rs. 10, 000, Time = 3 years, Amount = Rs. 13, 310  Rate = ?
    Then, 13, 310 = 10, 000 (1 + R/100)³
    13, 310/10, 000 = (100 + R)³/1000000
    13, 310 x 100 = (100 + R)³
    13, 31, 000 =(100 + R)³
    Square root on both side,
    110 = 100 + R
    R = 110 – 100
    R = 10 %

    Then, the rate percent  of compound interest is 10%.

    Hence, the correct answer is option (4) 10%.

    Anurag Mishra Professor Answered on 27th December 2015.
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